Edited Press Release LONDON -(Dow Jones)- Petrofac, an international oil & gas facilities service provider, said Friday it has acquired Caltec for an initial consideration of GBP15 million, payable in cash, subject to adjustment for surplus cash as at completion. Further consideration of, in aggregate, up to GBP15 million will be payable in cash and/or shares over the next five years, subject to the achievement of certain agreed performance targets. Caltec, majority-owned by its management and employees, is a specialist production technology company with products aimed at the enhancement of production from mature fields. These include the Wellcom system which boosts production flowrates by lowering wellhead pressures, and the I-SEP system which allows the partial separation of gas, oil, water and solids. In combination, these systems are capable of significant production, recovery and longevity improvements to mature fields. Petrofac's Operations Services division, in addition to the efficient and effective operation of production facilities, also seeks to identify and implement appropriate engineered improvements that enhance customers' production, including the use of new technologies. Through the acquisition of Caltec, Petrofac is now able to offer production boosting and partial separation as further tools in its production enhancement capability. These technologies will allow significant production, reserves and field life improvements to be made and, through the planned extension of the technologies, access] to difficult, marginal oil & gas reserves. Based in Cranfield, U.K., Caltec has a longstanding association with Cranfield University and, with another office in Aberdeen, U.K., Caltec has 18 employees. Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=zqA%2BjI6lIzdxa%2FbHsvt05w%3D%3D. You can use this link on the day this article is published and the following day.
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